An investment vehicle backed by the multi-billionaire Rockefeller family has reached a $2.5 billion ($1.8 billion) agreement to construct a residential and holiday resort in Vietnam.

Rose Rock Group will partner with fuel company Vung Ro Petroleum to build the project in Vung Ro Bay, in Phu Yen province on the south-central coast of Vietnam.

The development will feature more than 760 rooms, 4,300 residential apartments, 100 townhouses and 350 marina berths, as well as shops and restaurants.

Rose Rock, wholly owned by the New York-based Rockefeller Financial Group, has previously focused its investments in China but is now seeking opportunities elsewhere.

According to Bloomberg, falling property prices and a growing economy means Vietnam is attracting growing interest from developers of tourist and gambling destinations.

The investment firm is headed by chief executive Collin Eckles, a nephew of Steven Rockefeller II – a fourth-generation member of the Rockefeller family and founder of Rose Rock.

Eckles said in a statement: "We look forward to making this development an outstanding and preferred destination in the Asia-Pacific region for visitors and a lifestyle choice for residents."

Phu Yen is one of the poorer provinces in the region, with the majority of the working population employed in agriculture, forestry and fishing.

As well as the development, Vung Ro Petroleum is also investing $3.2 billion in an oil refinery in Phu Yen.

Kirill Korolev, chief executive of the petroleum firm, said: "We see [Vietnam] as a country of dynamic and diverse investment opportunity, with an economy that is growing at among the highest rates in the world."